SR 05:106 - Laserfiche WebLink

b. Liquidity: The City's investment portfolio will remain sufficiently liquid to enable the City to meet all operating requirements which might be reasonably anticipated. c. Return on Investment: The City's investment portfolio shall be designed with the objective of attaining a market rate of return throughout budgetary and economic cycles, taking into account the City's investment risk constraints and the cash flow characteristics of the portfolio. DELEGATION OF AUTHORITY Authority to manage the City's investment program is derived from Section 53600 et seq. of the Government Code and City Ordinance No. 279. Management responsibility for the investment program is delegated by the City Council and City Manager to the Director of Finance. ETHICS AND CONFLICTS OF INTEREST Officers and employees involved in the investment process shall refrain from personal business activity that could conflict with proper execution of the investment program, or which could impair their ability to make impartial investment decisions. Employees and investment oi~icials who manage the investment of public funds must file an annual statement of economic interests (Form 721) with the Fair Political Practices Commission. AUTHORIZED FINANCIAL DEALERS AND INSTITUTIONS The Director of Finance will maintain a list of financial institutions authorized to provide investment services. In addition, a list will also be maintained of approved security broker/dealers selected by credit worthiness, who maintain an office in the State of Califomia. These may include "primary" dealers or regional dealers that qualify under Security & Exchange Commission Rule 15C3-1 (uniform not capital rule). All broker investment transactions require the approval of authorized City staff. No public deposit shall be made except in a qualified public depository as established by state laws. All financial institutions and broker/dealers who desire to become qualified bidders for investment transactions must supply the Director of Finance with the following: audited financial statements, completed broker/dealer questionnaire, and certification of having read the City's investment policy. AUTHORIZED AND SUITABLE INVESTMENTS The City's investment portfolio may include the following instruments: a. Fully-insured or collateralized certificates of deposits (C/D's) of banks and savings and loan associations. b. Negotiable C/D's issued by the top 25 banks or top 15 regional banks. c. Bankers' Acceptances not to exceed 180 days maturity from date of purchase. d. U.S. Treasury Obligations (Bills, Notes, Bonds). e. Securities of the U.S. Government or its Agencies.